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Paycheck Protection Program (PPP) Loan | 12 Months Ended
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Dec. 31, 2021
Paycheck Protection Program Ppp Loan |
Paycheck Protection Program (PPP) Loan | Note 6. Paycheck Protection Program (PPP) Loan The PPP was established to provide federally guaranteed, uncollateralized loans to assist businesses during the Covid-10 pandemic. PPP loans are administered by a Small Business Administration (SBA) approved partners. On May 7, 2020 the Company was granted a $568,131 loan which was to mature in two years. On January 27, 2021, the Company was granted a second $568,131 loan which was to mature in five years. The Company was eligible for loan forgiveness of up to 100% of the loans, upon meeting certain requirements. On May 20, 2021 and December 22, 2021, respectively, the loans were legally released and forgiven by the SBA. Loan forgiveness income of $1,136,262 has been recorded for the year ended December 31, 2021.

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